LGBTQ, or same-sex relationships, can't marry in the Philippines. Legally, they are not protected.

I have worked with complex families and specifically LGBTQ partners and families in the Philippines. The complexity lies in the sense that, legally, they are not protected. So, it requires very creative financial planning actually.

First of all, I try to talk to my clients and hear them. You know, what are their hopes? What are their fears as well? Being in a same-sex relationship and not being protected by the government, they have a lot of fears. Fears of what if someone dies? Where will the assets go to, especially if they have children?

So, all those things I need to factor in the planning stage. But first of all, I need to sit down with them and very carefully and sensitively talk to them about their hopes and their fears and their dreams and everything. And from then on, I will carefully plan their protection plan or whatever the need is, for example, insurance planning or estate planning or wealth distribution, whatever need that they have identified through the conversation. I will create a plan, and sometimes I will consult lawyers to do it because just the products are not enough to do those things, because it's not really legal in the Philippines.

I think about three years ago, the Philippines allowed same-sex partners to be beneficiaries of their life insurance. So that's a big win or big improvement already. So, I told my clients that they can update their policies and set their partners as their beneficiaries. So, there's also constant conversation that has to be done, especially whenever there's any legal updates or changes in the Philippines. For clients to be able to share some sensitive information that I will need in the financial planning process, what I do is really make them feel comfortable. Most of my clients are referred clients, so there's this level of trust from the referrer already. So, I don't get that hesitation of divulging information that is sensitive, most of the time. But if you are an advisor who's starting out to target this market in your country, then you really need to connect with them, engage your clients well, and make sure that they trust you so that they can share information that you need, even those sensitive ones.

If I have clients who are hesitant to share information that is really, really important for you to be able to come up with a good financial plan, sometimes it just takes time. Don't force it. Don't force it. With the limited information that you have, I'm sure that you can create a financial plan. It's just that it's not the perfectly fit financial plan for them. Through the years,

especially if you have reviews or planning reviews with them that you do every single year, revise those plans and make sure that it fits whatever information that you have on hand every time that you talk to them.

Creating financial security for complex families

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Godofredo Batas Peteza III